  The latest moves in crypto markets, in context Edited by Omkar Godbole October 7, 2021 Sponsored by  (Price data as of October 7 @ 11:15 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning:
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:
– Omkar Godbole
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Losers:
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
A message from ByBit  We know you love a good deal — so do we. That's why we're offering $600 worth of rewards to all of our new users when they make a first-time deposit, perform a trade, and more! And the cherry on top: Zero maker fees when you trade spot.
Next level trading, only on Bybit.
Market Moves by Omkar Godbole Crypto markets are a sea of green, with dogecoin rival Shiba Inu leading the way higher with 44% gains. The cryptocurrency has chalked up 300% gains since Oct. 4. As a result, its market capitalization has increased to $13.2 billion - the 14th largest in the crypto market, per data source Messari.
According to blockchain analytics firm Santiment, SHIB's blockchain data shows extremely high active deposits, and the rally could lose some steam.
In traditional markets, the Dow futures are trading 235 points higher, courtesy of easing concerns of a potential U.S. debt default. The U.S. 10-year yield is steady above 1.5%. Renewed bullish momentum in equity markets could add to bolster bullish pressures around bitcoin. Europe's Gasflation, a Blessing for Bitcoin? Bitcoin's bullish case continues to strengthen as inflation expectations in Europe, the world's largest cryptocurrency market, are surging, thanks to record gas and electricity prices.
The U.K.'s 10-year breakeven rate, a market-based measure of expected price pressures over the next decade, rose to 4% on Wednesday – twice the target of Bank of England's annual goal of 2%.
As of Wednesday, the European natural gas prices were trading at EUR 150 megawatt per hour, up 50% in two days and 630% since the start of this year versus bitcoin's 87% gain, as noted by Bloomberg's Helen Robertson.
Bitcoin is widely considered as inflation hedge like gold as a programmed code called mining reward halving reduces the pace of bitcoin's supply expansion by 50% every four years. Analysts told CoinDesk earlier this week that investors are buying the cryptocurrency as an inflation hedge amid the inflation scare.
The cryptocurrency has moved in tandem with the U.S. inflation expectations in the past, as seen in the chart below.  Chart showing tight correlation between bitcoin and U.S. 10-year breakeven rate (Source: Federal Reserve Bank of St. Louis) States-side investors are also beginning to price in inflation scare. The 10-year U.S. breakeven rate rose to 2.45% on Tuesday, hitting the highest level since June.
Bitcoin's technical charts have flipped bullish after Wednesday's 7% gain, which breached the downtrend line connecting the April high of $64,801 and September highs near $52,000.  Bitcoin's daily chart (Source: TradingView) The breakout is backed by a pickup in volumes and accumulation by so-called whales. Read the original story here: Bitcoin’s Technical Bias Flips Bullish as Price Climbs Above Descending Trendline
Technician's Take by Damanick Dantes, CMT  Bull Grip Tightens on Bitcoin Bitcoin's (BTC) intermediate-term uptrend has improved over the past few months, which could keep buyers active toward the all-time high near $64,000.  Bitcoin's daily chart with RSI (Source: TradingView, CoinDesk)
Read the original story here: Bitcoin Rally Holds Support Above $52K; Next Resistance Near All-Time High
A Message from Chainalysis  Looking for your ticket #ToTheMoon? 🚀
Market Intel by Chainalysis - the blockchain data platform - arms you with the most complete on-chain dataset for crypto research and investment decisions.
Whether you’re an Asset Manager searching for a signal...
A Quant Analyst interested in spotting market trends...
Or a VC looking to fund the next emerging crypto player...
Market Intel will help you reach your goals, utilizing 53 metrics across 10 categories—like whales, exchanges, liquidity, and supply.
BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts dig into today's top stories: Bitcoin surging near $52K as SEC Chair Gary Gensler reiterates his agency has no plans to ban crypto, CoinDesk kicks off 2021 Bitcoin for Advisors Conference, and Origin Wealth Advisors Financial Planner Morgen Rochard gives her insights into the event and why financial advisors are advising clients to add crypto to their portfolios. Plus, Impact Theory Co-founder & CEO Tom Bilyeu explains the company's latest NFT collection as NFT becomes a mainstream gateway to crypto.
A Message from CoinDesk  While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.
Latest Headlines
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved. 250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions | Unsubscribe from all CoinDesk email |